CAIRO: During the first quarter of the agricultural year Egypt’s net exports of cotton registered a 42% decline between September and November, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Tuesday.
The exports amounted to 79.6 thousand metric kantar (quintal) compared to 137.4 thousand kantar during the same period last year. The total amount of consumed local cotton in the same quarter declined 76.6 percent.
CAPMAS’s statement attributed the large decline of consumed cotton to a number of textile factories halting production after an increase in cotton prices.
The Cotton Trade Committee presented an official statement to former Prime Minister Hazem al-Beblawy requesting 200 million EGP for cotton marketing in Egypt, and Al-Borsa Business Daily reported that the company will renew its complaint to the current Prime Minister Ibrahim Mahlab.
Abdel Aziz Amer, Cotton Trade Committee’s head deputy, said allocating this money to marketing would increase Egyptian exports by $250 million yearly.
Egyptian cotton spinners, along with merchants, refrained from purchasing local cotton after the rise in prices, leading to cotton traders and spinners to lose 300 EGP in each kantar.
Spinners’ net purchase of cotton edged down to 42,000 kantar compared to 360,000 kantar of the same period last year due to spinners’ refrain of purchasing Egyptian cotton due to high prices.